“Each year, we plan to add 3.5% to the Grantcoin already in circulation,” Grantcoin explains. “This will be given as Basic Income grants to everyone in the world who chooses to participate, growing the money supply in a way that provides equal access to all.” Grantcoin is the first blockchain-based currency that’s distributed globally following a UBI model.

Critics of UBI say that it will create a culture of dependence and laziness. A World Bank study, however, shows the opposite. According to the study, in places where UBI programs are being tested, people consumed less “temptation goods.” Perhaps the recipients of existing basic income pilot programs, like Grantcoin, can attest to how UBI is effective. These pilot programs are designed to figure out how effective UBI could be.

“Grantcoin is already making a big impact in people’s lives — especially people who live in impoverished countries and need this financial support to save for a better future,” said founder and Executive Director of the Grantcoin Foundation, Eric Stetson. To date, Grantcoin’s UBI program has distributed a total of over 20 million Grantcoin (GRT) — worth over $13,000 — around the world. Hopefully, as these grant programs continue, UBI can prove to be a valuable social program that could improve the quality of life for countless individuals living in poverty.

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